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Fertilizers & Chemicals Travancore Net Debt / EBITDA jumped on 221.9x from 13.3x to 235.2x in 2019 and Revenue increased slightly on 1.3%

29-08-2019 • About Fertilizers & Chemicals Travancore ($FACT) • By InTwits

Fertilizers & Chemicals Travancore reported FY2019 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • Fertilizers & Chemicals Travancore motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2015-FY2019 was 0.0% while average EBITDA Margin was -1.6% for the sames years
  • Fertilizers & Chemicals Travancore has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.3%.
  • The company has unprofitable business model: ROIC is -1.9%
  • It operates with high leverage: Net Debt/EBITDA is 235.2x while industry average is 3.2x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability


The company's Revenue increased slightly on 1.3%. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased on 8.2 pp from 8.7% to 0.49% in FY2019.

Net Income margin surged on 15.0 pp from -6.7% to 8.3% in FY2019. Net Income margin stuck to a growing trend at 7.6 pp per annum in the last 5 years.

Leverage (Debt)


Company's Net Debt / EBITDA is 235.2x and Debt / EBITDA is 235.9x. Net Debt / EBITDA surged on 221.9x from 13.3x to 235.2x in FY2019. Debt showed almost no change in FY2019 while cash dropped on 86.1%.

Fertilizers & Chemicals Travancore has short term refinancing risk: cash is only 1.3% of short term debt.

Financial and operational results


FY ended 31-03-2019

Fertilizers & Chemicals Travancore ($FACT) key annual financial indicators

mln. INR201520162017201820192019/2018
P&L
Revenue19,78817,36018,83319,28719,5461.3%
EBITDA-1,651-2,0694521,67996-94.3%
Net Income-3,999-4,522-2,627-1,2911,627
Balance Sheet
Cash37520232346164-86.1%
Short Term Debt9,1281,8356,3185,0744,779-5.8%
Long Term Debt1,61516,27117,70517,70517,9601.4%
Cash flow
Capex943277910-100.0%
Ratios
Revenue growth-10.4%-12.3%8.5%2.4%1.3%
EBITDA growth13.7%25.4%-121.9%271.0%-94.3%

EBITDA Margin-8.3%-11.9%2.4%8.7%0.5%-8.2%
Net Income Margin-20.2%-26.0%-13.9%-6.7%8.3%15.0%
CAPEX, % of revenue0.5%0.2%0.4%0.5%0.0%

ROIC-41.3%-60.9%3.4%19.7%-1.9%-21.6%
Net Debt/EBITDA52.4x13.3x235.2x221.9x

Fertilizers & Chemicals Travancore ($FACT) key quoterly financial indicators

mln. INRFY19Q1FY19Q2FY19Q3FY19Q4 YoY change
P&L
Revenue3,4415,3405,9144,855 ----
EBITDA-22013013153 ----
Net Income3,144-519-498-496 ----
Balance Sheet
Ratios
EBITDA Margin -6.4% 2.4% 2.2% 1.1% ----
Net Income Margin 91.4% -9.7% -8.4% -10.2% ----

Peers in


Below you can find Fertilizers & Chemicals Travancore benchmarking vs. other companies in industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.

Top companies by Revenue growth, %

Top  FY2015 FY2016 FY2017 FY2018 FY2019
Ginni Filaments ($GINNIFIL)--0.4%-7.5%14.6%
Vardhman Acrylics ($VARDHACRLC)---17.7%-11.2%-
 
Median (2 companies)8.8%5.2%-8.6%-9.4%14.6%
Fertilizers & Chemicals Travancore ($FACT)--8.5%2.4%1.3%


Top companies by EBITDA margin, %

Top  FY2015 FY2016 FY2017 FY2018 FY2019
Vardhman Acrylics ($VARDHACRLC)-9.9%10.2%9.6%-
Ginni Filaments ($GINNIFIL)-9.6%10.3%7.5%6.4%
 
Median (2 companies)10.7%10.3%10.3%8.6%6.4%
Fertilizers & Chemicals Travancore ($FACT)--11.9%2.4%8.7%0.5%


Top companies by CAPEX/Revenue, %

Top  FY2015 FY2016 FY2017 FY2018 FY2019
Ginni Filaments ($GINNIFIL)--4.3%5.1%1.4%
Vardhman Acrylics ($VARDHACRLC)-0.8%0.3%0.5%-
 
Median (2 companies)5.0%4.2%2.3%2.8%1.4%
Fertilizers & Chemicals Travancore ($FACT)-0.2%0.4%0.5%0.0%


Top companies by ROIC, %

Top  FY2015 FY2016 FY2017 FY2018 FY2019
Ginni Filaments ($GINNIFIL)-9.8%12.4%6.2%5.6%
Vardhman Acrylics ($VARDHACRLC)--9.4%7.5%-
 
Median (2 companies)4.4%5.3%10.9%6.8%5.6%
Fertilizers & Chemicals Travancore ($FACT)--60.9%3.4%19.7%-1.9%


Top companies by Net Debt / EBITDA

Top  FY2015 FY2016 FY2017 FY2018 FY2019
Ginni Filaments ($GINNIFIL)-3.4x2.9x5.0x5.4x
Vardhman Acrylics ($VARDHACRLC)--0.0x-0.2x-0.1x-
 
Median (2 companies)1.1x0.7x1.3x2.5x5.4x
Fertilizers & Chemicals Travancore ($FACT)--52.4x13.3x235.2x